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Switzerland/South Korea: Schindler leader says Korean co retracted merger agreement

By  |  May 22, 2013

The Chairman of Switzerland-based elevator company Schindler Holding AG is accusing a South Korean firm of reneging a provisional agreement for Schindler to take over the majority of the South Korean company. Chairman Alfred Schindler says the chairwoman of Hyundai Elevator Co. signed a letter of intent in 2004 to sell to Schindler, but five years later retracted its intentions to sell the company. Schindler is the South Korean company’s second-largest stockholder with a 35 percent stake in the company, according to reports; Schindler will not likely sell its share. In response to the allegations, Hyundai told reporters that the provisional agreement was not legally binding for the companies and reiterated that it has no plans to sell.

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